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Rabbitte: O’Brien controls INM

P
at Rabbitte, the communications minister, believes Denis O’Brien, the telecoms billionaire, now has effective control of Independent News & Media (INM). He said O’Brien’s involvement can be examined under both existing and forthcoming media-ownership legislation.

“I don’t want to be dragged into commenting on a particular owner ... but undue concentration of ownership is unhealthy in the media and, in my view, any government would be required to have regard to that principle and the principles of diversity of ownership and of content,” said Rabbitte.

“Increasing a stake from the mid-20s to the point just below which a takeover bid has to be made [30%] doesn’t change the ownership scenario and, under existing law, control is a more difficult concept than ownership.”

Rabbitte said his understanding of recent developments in the boardroom at INM and its AGM was that O’Brien has not “made a play for ownership of the company but,